California is down 11% in personal income tax revenue versus expectations and 8% below forecast.
California Sees Warning Sign From Weak Tax Revenue Collections (msn.com)
Not surprising as California depends on revenue from the rich, and a tanking market hammers technology. Apple, Alphaet, Netflix, Lyft, Nvidia, all hurting.
The not-so-secret secret is that California has salted away surplus funds for just such an emergency.